Phoenix ranks as one of the most competitive rental markets

Posted at 10:01 AM, Jan 04, 2022
and last updated 2022-01-04 12:01:24-05

For every vacant apartment in the Phoenix metro, there are an average of 20 renters applying for it.

That’s according to a report from RentCafe that looked at the most competitive markets for rentals in the U.S.

Phoenix ranked at No. 39 out of 50 cities.

“On a national level, apartments that became vacant were filled within 28 days on average this rental season,” the report said. “During the same time period, 95.4% of total rentals were occupied, with an average of 14 prospective renters competing for a vacant apartment.”

Phoenix beat the national averages, with an average of 25 vacancy days and 96.3% occupancy.

Those applying for Phoenix apartments had an average credit score of 631. Nationally, the average was a 640 credit score.

The report, which looked at 105 markets, took into account apartment occupancy rate, average days of vacancy, competition for units and applicants' average credit scores. The most weight, 40%, was given to credit scores, with the other metrics weighed at 20%.

Read more of this story from the Business Journal.